Wells Fargo mortgage/closing costs

[wdnole]

Just got a GFE with closing costs for an investment property and it seems very high. I hold my current primary residence loan with WF so I gave them the first shot at my purchase of an investment real estate in Florida.

Estimated closing costs for a $220K home with 20% down ($176K loan) are about $11K. Yea, this includes all the prepaids but sounds preposterous. I'm thinking $3K without prepaids and 6K or so with.

Any takes on this would be appreciated.

 

[Gonolz]

Just got a GFE with closing costs for an investment property and it seems very high. I hold my current primary residence loan with WF so I gave them the first shot at my purchase of an investment real estate in Florida.

Estimated closing costs for a $220K home with 20% down ($176K loan) are about $11K. Yea, this includes all the prepaids but sounds preposterous. I'm thinking $3K without prepaids and 6K or so with.

Any takes on this would be appreciated.

I recently got a couple estimates for a $200k loan. One from Wells Fargo, $6,500 closing and $3,300 prepaids. One from Equity Resources, $7,900 closing and $2,200 prepaid. Both said Florida is one of the most expensive states and they estimate high.

 

[OrlandNole]

I'd go homeless before using WF for a mortgage again.

 

[MR . B]

I can't speak about the mortgage process at Wells Fargo but their corporate culture is terrible. The company my wife worked for was taken over in a hostile take over by Wachovia and then by Wells. My wife was a branch manager on the financial side and was under constant pressure to do things she was not comfortable doing by Wells. When she left Wells it was one of the happiest days of her life. Wells does not care about the client at all. They want to squeeze every fee possible out of a client. She thinks Wells is Satan.

 

[GoNolesTX]

I recently got a couple estimates for a $200k loan. One from Wells Fargo, $6,500 closing and $3,300 prepaids. One from Equity Resources, $7,900 closing and $2,200 prepaid. Both said Florida is one of the most expensive states and they estimate high.

That last part is so very true. The premiums shouldn't be too high. Without getting too in-depth, you're looking at roughly $1750 to the title company for closing costs and premium for the two policies.

 

[swflnole]

Just got a GFE with closing costs for an investment property and it seems very high. I hold my current primary residence loan with WF so I gave them the first shot at my purchase of an investment real estate in Florida.

Estimated closing costs for a $220K home with 20% down ($176K loan) are about $11K. Yea, this includes all the prepaids but sounds preposterous. I'm thinking $3K without prepaids and 6K or so with.

Any takes on this would be appreciated.

Are you paying for the deed stamps and lenders title policy? I can run you a quick fee sheet if you like.....shoot me an e-mail at aasouthmike at gmail dot com

 

[Gonolz]

I'd go homeless before using WF for a mortgage again.

Would you please elaborate? I am considering them because their rates seem to be very good.

 

[goldmom]

I have a WF mortgage and have had no problems.

 

[vevois23]

I can't speak about the mortgage process at Wells Fargo but their corporate culture is terrible. The company my wife worked for was taken over in hostile take over by Wachovia and then by Wells. My wife was a branch manager on the financial side and was under constant pressure to do thing she was not comfortable doing by Wells. When she left Wells it was one of the happiest days of her life. Wells does not care about client at all. They want to squeeze every fee possible out of a client. She thinks Wells is Satan.

AmSouth?

 

[OsceolaNole]

I have two properties with WF mortgages and haven't had a problem. Looking to refi one now and will look elsewhere to get a better rate. How do I avoid that extra point they like to tack on for an "investment" property?

Going to try my luck with a credit union.

 

[MR . B]

AmSouth?

Nope! It was a stock brokerage company.

 

[OrlandNole]

Would you please elaborate? I am considering them because their rates seem to be very good.

They mismanaged our refi. Very difficult to deal with. Failed to lock in an interest rate and we wound up paying 0.25% more as a result.

 

[helmetnuts]

The initial loan estimate on a purchase is just that, an estimate. For refinances a lender will use their preferred title company a lot so those numbers are usually very close but on a purchase the majority of closing costs are going to come from the closing agent and the agent is usually decided by the seller or agreed to between the seller/buyer. I'm in the mortgage industry and initial LEs are usually always going to be high.

Do you guys have a settlement/closing agent lined up yet? You can ask them for their estimated fees and balance it out against the Loan Estimate Wells sent you (once title work is received from the closing agent then normally the fees are updated and a new LE is sent out to you with the updated numbers)

 

[stmnole83]

The initial loan estimate on a purchase is just that, an estimate. For refinances a lender will use their preferred title company a lot so those numbers are usually very close but on a purchase the majority of closing costs are going to come from the closing agent and the agent is usually decided by the seller or agreed to between the seller/buyer. I'm in the mortgage industry and initial LEs are usually always going to be high.

Do you guys have a settlement/closing agent lined up yet? You can ask them for their estimated fees and balance it out against the Loan Estimate Wells sent you (once title work is received from the closing agent then normally the fees are updated and a new LE is sent out to you with the updated numbers)

If this is a TRID loan, then Wells is adding every imaginable fee to the estimator possible because once you accept the amount they can not go higher - even if something unforeseen happens. They can lower the closing costs but they can't raise them from what is shown on the estimator so your actual fees may be lower. Not sure how TRID is with other institutions but it causes all kinds of headaches with us.[/QUOTE]

 

[TexSkills]

I can't speak about the mortgage process at Wells Fargo but their corporate culture is terrible. The company my wife worked for was taken over in hostile take over by Wachovia and then by Wells. My wife was a branch manager on the financial side and was under constant pressure to do things she was not comfortable doing by Wells. When she left Wells it was one of the happiest days of her life. Wells does not care about the client at all. They want to squeeze every fee possible out of a client. She thinks Wells is Satan.

I used to bank with Wachovia and left for a credit union when Wells took them over. Not a huge fan of Wells Fargo....for anything. I will never consider them for banking, mortgage, car loans, etc at all. Now, most of my stuff goes through USAA.

 

[Spearhead04]

Seems a little high. I'm closing soon and my lender estimated about 24k for prepaids and closing costs on a 500k loan. Some of that will be paid by seller.

 

[fsu1jreed]

I know two people that were efed over by WF (saying they didn't have insurance when they did, and adding their own over-priced insurance), causing both to lose their homes. WF is one corrupt organization.

Wells Fargo Committed Mortgage Fraud To Maximize Profits, U.S. Suit Says

Wells Fargo to pay $1.2bn over mortgage insurance scam

My brother has a car loan through them and two years in a row they added their own full coverage to the loan (some company called Balboa) because they said my brother didn't have it, even when I was the one that faxed in the letter proving he did. Then I started looking it up and it seems as if WF has done this to a lot of people, almost to the point where I'm thinking it's on purpose as some sort of scam.........it's been going on for years.

WF added insurance and continued to charge after we showed proof

No way in hell would I use Wells Fargo for anything.

 

[montconole]

They mismanaged our refi. Very difficult to deal with. Failed to lock in an interest rate and we wound up paying 0.25% more as a result.

Did you have a signed lock agreement or an email stating the LO locked you? If so, you should have pushed to honor and never moved forward with the higher rate.